The Russian Pension Fund will choose from credit institutions, which applied for placing 500 million rubles of pension savings into bank deposits for 45 days at the minimum annual interest rate of 7.65%, at the Moscow Exchange on February 28.
By law, mandatory and voluntary insurance contributions for funded pensions must be invested before transferred to management companies and private pension funds. Mandatory pension insurance reserves of the Russian Pension Funds must be invested, as well.
Depositing auctions are held in compliance with a resolution of the Russian government and directives of the Russian Finance Ministry, which regulate the procedure and criteria of choosing eligible banks for an auction. Please visit the special section of the Pension Fund’s website for detailed information about placing of pension savings into bank deposits.